Quality Power signs term sheet to acquire WSIL for Rs 315 crore
Quality Power Electrical Equipments Limited has executed a term sheet to acquire 100% of the equity share capital of Winwin Speciality Insulators Limited (WSIL), a Visakhapatnam-based manufacturer of high-voltage ceramic and polymeric insulators.
The proposed transaction carries an enterprise value of around Rs 315 crore and is expected to be completed within three months, subject to due diligence, statutory and regulatory approvals, and other closing conditions.
Manufacturing facility
WSIL operates a fully automated insulator manufacturing facility at the Atchutapuram Special Economic Zone (SEZ) near Visakhapatnam, Andhra Pradesh. The facility manufactures ceramic insulators up to 1200 kV, with an installed capacity of around 18,000 MTPA, and polymeric insulators up to 400 kV.
The products are manufactured to International Electrotechnical Commission (IEC), American National Standards Institute (ANSI), and Indian Standards (IS) specifications.
The manufacturing facility is spread across around 47.7 acres and is located near Visakhapatnam Port and Gangavaram Port. According to the company, the SEZ location provides logistical and fiscal benefits, including duty-efficient import of machinery and raw materials, along with scope for phased capacity expansion.
The acquisition includes the WS Insulators brand, established in 1961. The brand has supplied utilities, original equipment manufacturers (OEMs), and engineering, procurement and construction (EPC) companies across around 55 countries. Its product portfolio includes suspension, solid core, hollow, pin, and disc insulators.
Management statement
Bharani dharan Pandyan, Joint Managing Director of Quality Power, stated that the acquisition adds a high-voltage insulator manufacturing platform, global product qualifications, and industrial land in a port-linked manufacturing corridor.
He added that the company sees insulators as a strategic growth segment amid investments in grid expansion, renewable energy integration, and high-voltage direct current (HVDC) infrastructure.
Acquisition history
The proposed acquisition continues Quality Power’s acquisition strategy in the high-voltage power equipment segment.
In 2011, the company acquired a 51% equity stake in Endoks Enerji Anonim Sirketi, Turkey. In 2019, it acquired 100% equity stake in S&S Transformers & Accessories Pvt Ltd. In 2022, the company acquired Electric Power Equipment Company, Bengaluru, and a 15.45% equity stake in Chennai-based Nebeskie Labs.
In 2025, Quality Power acquired a 51% equity stake in Mehru Electrical & Mechanical Engineers Pvt Ltd and increased its stake in Nebeskie Labs to 25%. The company also acquired a 50% equity stake in Sukrut Electric Company Pvt Ltd in 2025, with Yash Highvoltage Ltd holding the remaining 50%.
In the same year, it acquired a 76% equity stake in Gandhinagar-based Veeral Controls, which operates in high-current power electronics and industrial power conversion systems.
Financial performance
Quality Power Electrical reported consolidated revenue of Rs 1,007 crore for FY2025-26, recording a 156.9% year-on-year increase and crossing the Rs 1,000 crore revenue mark for the first time.
Full-year earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 97.8% to Rs 236.2 crore, while profit after tax (PAT) increased 85.3% to Rs 185.5 crore. Fourth quarter revenue stood at Rs 309.8 crore, up 138.5% year-on-year, while EBITDA was reported at Rs 59.3 crore.
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